Online cab aggregation platform TaxiVaxi , has raised $500K (about INR 3.3 Cr) in its second round of seed funding , led by a clutch of high net worth individuals.
“We will be adding more services, and look to enhance our technology capabilities and develop the team further, as we keep growing our footprint,” TaxiVaxi Chief Executive Neeraj Tayal told.
TaxiVaxi is an aggregator of cabs, including radio taxis, self-drive operators, and tour operators. Commencing operations in 2014, TaxiVaxi was founded by Neeraj Tayal, Ankit Gupta, Vinod Sah and is operated by BAI Infosolutions Pvt. Ltd.
The company currently operates in 300 cities across India including Delhi, Mumbai, Pune, Gurgaon, Jaipur, and Lucknow among others, and claims to have between 125-150 cab companies on its platform.
Co-founder Tayal, however, declined to disclose the names of the investors participating in the new round.
Apart from its consumer-facing segment, TaxiVaxi also caters to the corporate segment, offering them a separate web-based solution bundled with its app.
TaxiVaxi earlier raised angel funding in November 2015 for an undisclosed value.
It has a current user base of 15000+ and 20 corporate clients with aggressive plans to grow upto 500 cities and achieve a target user base of 1000,000, by the end of 2016.
The startup has partnered with about 15 radio taxi operators and has about 20 corporate clients, which include luxury retail brand Good Earth and global human resource firm, AON Hewitt among others.
The startup’s revenue model includes billing clients based on the pricing negotiated with them. On the consumer side, the company charges users 20%, with the remaining going to service provider. It claims to be earning monthly revenue of about Rs 1 crore.